Amcor, Cadbury closing in on settlement?
Confectioner Cadbury is currently discussing the possibility of a multi-million dollar out-of-court settlement with Amcor, according to a report in The Age.
Cadbury, one of the largest customers of Amcor, initiated a $235.8 million claim against the packaging giant for allegedly paying higher prices for cardboard boxes, cans and PET products as a result of collusion between packaging heavyweights Visy and Amcor. The claim was first filed in December 2006, but only made it to the courts for the first time today.
The federal court in Melbourne heard this morning that the two firms were currently in negotiations that “may or may not lead to a resolution of the matter”, according to Will Houghton QC – Counsel for Cadbury.
The case has now been postponed until 2.15pm, offering both parties the opportunity to reach a suitable settlement.